Expert Answer :ENG 101 – One man draws the wire, another straight

Solved by a verified expert :Answer each question in a short essay format (no more than two paragraphs): Question 1: “One man draws the wire, another straightens it, a third cuts it, a fourth points it, a fifthgrinds it at the top for receiving the head, to make the head requires two or three distinct operations, toput it on is a peculiar business, to whiten it is another, it is even a trade by itself to put them into thepaper.”This quote –from Adam Smith’s Wealth of Nations – illustrates what TWO economic principles? Why arethese principles important to the economy?Question 2: Over the last several years the Demand for used and reconditioned cell phones hasincreased about 150% (that is – the Demand curve has shifted right). Which determinant (also called aFactor) of demand would be responsible for this increase and WHAT is causing the change in thisdeterminant? Question 3: One of the five Factors of Production (resources) in Economics is Human Capital – that is –YOU! To improve your Human Capital, you, and your families, are investing significant time, money,sweat, blood (paper cuts – ha!) in your education. Does this investment pay off for you? Why? AND,what does Society gain from this investment in the improvement of Human Capital? Why? Question 4: What are the defining characteristics of a Public Good? Give an example of a Public Goodand how those characteristics apply to your example? Question 5: What is the effect on both Supply and Demand of a Price Floor in the Labor Market? Giveexamples? Question 6: Because of Scarcity – insufficient resources – we must always make trade-off choices thathave an Opportunity Cost. In your choice to attend college; your Opportunity Cost to attend is greaterthan the Monetary Cost of college? Why and give examples?